ESM
Summary
UK retailer Tesco has launched a new discounted climate and sustainable finance scheme for farmers in association with retail and commercial bank NatWest.
The scheme will be available to around 1,500 of the retailer’s farmers and offer preferential rates on funding to help them switch to sustainable farming methods.
The voluntary programme, designed with farmers’ input, will be available to farmers who are part of Tesco’s Sustainable Farming Groups for beef, lamb and dairy, the retailer noted.
Ashwin Prasad, group chief commercial officer at Tesco said, “We know a lot of our farmers are looking at ways to reduce costs on farm and move to renewable sources of energy at the same time, which is why we’re delighted to be partnering with NatWest in offering our green finance initiative.
“The initiative will provide our farmers with the confidence to invest in sustainable farming methods and infrastructure, while also helping us meet our target of reaching net zero across our supply chain by 2050.”
Lombard, a UK-based asset funder and part of NatWest, will give Tesco farmers access to funding solutions for solar panels, wind turbines, biomass boilers, LED lighting, battery storage and combined heat and power systems.
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